Virginia Code 55.1-1501: Form of instrument
Current as of: 2024 | Check for updates
|
Other versions
Any agreement in which a residential ground rent is created shall:
Terms Used In Virginia Code 55.1-1501
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Land: is a three-dimensional concept and includes parcels with upper or lower boundaries, or both upper and lower boundaries, as well as parcels extending ab solo usque ad coelum. See Virginia Code 55.1-1500
- Residential ground rent: means a rent or charge paid for the use of land, whether or not title to such land is transferred to the user, or a lease of land, for personal residential purposes, (i) which is assignable by the obligor without the obligee's consent; (ii) which is for a term in excess of 15 years, including any rights of renewal at the option of the obligor; (iii) where the obligor has a present or future right to terminate such ground rent and to acquire the entire interest of the obligee in the land by the payment of a determined or determinable amount; and (iv) where the obligee's interest in the land is primarily a security interest to protect his right to be paid the rent or charge. See Virginia Code 55.1-1500
1. Be reduced to writing;
2. Be in recordable form; and
3. Disclose the date, the names of the parties, the ground rent and any future adjustments to the ground rent, when such rent is payable, the duration of the agreement, and the value of the land at the time the agreement is made. If the parties agree to the amount for which the ground rent may be redeemed, such amount shall also be included in the agreement. Such agreement shall be included as a part of the deed or other instrument of transfer.
1975, c. 363, § 55-79.02; 2019, c. 712.